The income from the cryptocurrency in Azerbaijan is subject to taxation

Revenues from trading cryptocurrencies in Azerbaijan are subject to taxation, said the director of the tax policy and strategic research department of the Taxes Ministry, Nijat Imanov.

Taxation of operations with the cryptocurrencies in relation to individuals in Azerbaijan is formalized as income tax, for legal entities – as a profit tax, Imanov said during a speech at the II Financial and Investment Forum, which was held in Baku on Saturday.

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The Ministry of Taxes explained that in case anyone acquiring cryptocurrencies and later decides to sell it at a higher rate, then this amount is recorded as income. Source: rueconomics.ru